Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Only Financial Statements [Abstract]

PARENT COMPANY ONLY FINANCIAL STATEMENTS

NOTE 23 — PARENT COMPANY ONLY FINANCIAL STATEMENTS

Condensed financial statements of Chemical Financial Corporation (parent company) only follow:

	December 31,
Condensed Statements of Financial Position	2011		2010
	(In thousands)
Assets:
Cash at subsidiary bank	$	4,481	$	5,490
Investment in subsidiary bank		559,410		547,399
Premises and equipment		4,625		4,716
Goodwill		1,092		1,092
Other assets		3,631		2,656
Total assets	$	573,239	$	561,353
Liabilities and Shareholders’ Equity:
Other liabilities	$	1,510	$	1,275
Shareholders’ equity		571,729		560,078
Total liabilities and shareholders’ equity	$	573,239	$	561,353

	Years Ended December 31,
Condensed Statements of Income	2011		2010		2009
	(In thousands)
Income:
Cash dividends from subsidiary bank	$	22,000	$	21,300	$	—
Total income		22,000		21,300		—
Operating expenses		3,350		5,116		2,903
Income (loss) before income taxes and equity in undistributed net income of subsidiary bank		18,650		16,184		(2,903	)
Federal income tax benefit		1,171		1,335		1,015
Equity in undistributed net income of subsidiary bank		23,229		5,571		11,891
Net income	$	43,050	$	23,090	$	10,003

	Years Ended December 31,
Condensed Statements of Cash Flows	2011			2010			2009
	(In thousands)
Operating Activities:
Net income	$	43,050		$	23,090		$	10,003
Share-based compensation expense		1,517			1,395			490
Depreciation of premises and equipment		456			497			497
Equity in undistributed net income of subsidiary bank		(23,229	)		(5,571	)		(11,891	)
Net increase in other assets		(975	)		(1,140	)		(405	)
Net increase (decrease) in other liabilities		256			(290	)		785
Net cash provided by (used in) operating activities		21,075			17,981			(521	)
Investing Activities:
Cash assumed in business combination		—			850			—
Purchases of premises and equipment, net		(365	)		(174	)		(48	)
Net cash provided by (used in) investing activities		(365	)		676			(48	)
Financing Activities:
Cash dividends paid		(21,964	)		(21,243	)		(28,190	)
Proceeds from directors’ stock purchase plan and exercise of stock options		245			292			280
Net cash used in financing activities		(21,719	)		(20,951	)		(27,910	)
Net decrease in cash and cash equivalents		(1,009	)		(2,294	)		(28,479	)
Cash and cash equivalents at beginning of year		5,490			7,784			36,263
Cash and cash equivalents at end of year	$	4,481		$	5,490		$	7,784